Horsehead Corporation Severance Commitment Letter to Ryan Hutchison (October 1, 2014)
Horsehead Corporation has formally committed to provide Ryan Hutchison with at least six months of pay and benefits as severance if his employment is terminated for reasons other than cause or his voluntary resignation. This severance is contingent upon Ryan signing a release. The letter confirms the company's appreciation for his decision to remain employed and outlines the key terms of the severance arrangement.
Exhibit 10.1
October 1, 2014
Mr. Ryan Hutchison
8 Victoria Drive
New Castle, PA 16105
Dear Ryan:
This letter shall serve as formal documentation of the commitment that was extended to you, verbally by me after discussion with Jim Hensler, on behalf of Horsehead Corporation.
Recently you were planning to resign your employment and after discussion, you have decided to stay. To ease you concerns, Horsehead committed that if your employment is terminated for reasons other than cause or your voluntary resignation; you will be entitled to a minimum of six months of pay and benefits as a severance package (upon signing a release).
We are glad that you have decided to remain employed by Horsehead, and hope that you have a long and prosperous career with us. Your contribution to the Company is appreciated.
Sincerely,
/s/ R. Bruce Morgan
R. Bruce Morgan
